Solve the Problem $\$ 60,000$ At $6 \%$ Compounded Monthly $\$ 15,850.10$ B) $\$ 16,229.35$

Multiple Choice

Solve the problem. Round to the nearest cent.
-A small company borrows $\$ 60,000$ at $6 \%$ compounded monthly. The loan is due in 4 years. How much interest will the company pay?

A) $\$ 15,850.10$
B) $\$ 16,229.35$
C) $\$ 76,229.35$
D) $\$ 16,139.13$